Innovative Industrial Properties (NYSE:IIPR) Earns Buy Rating from Analysts at Alliance Global Partners

Alliance Global Partners initiated coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $130.00 price target on the stock.

Several other equities research analysts also recently issued reports on the stock. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler reduced their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday. Finally, Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and a consensus target price of $128.25.

Innovative Industrial Properties Stock Performance

IIPR stock opened at $101.27 on Tuesday. Innovative Industrial Properties has a 1-year low of $87.52 and a 1-year high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.87 billion, a PE ratio of 18.00 and a beta of 1.30. The business’s 50-day moving average price is $117.44 and its two-hundred day moving average price is $118.44.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.29 EPS. As a group, research analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 7.50%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IIPR. Wellington Management Group LLP boosted its holdings in shares of Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Innovative Industrial Properties by 1,054.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after acquiring an additional 56,689 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares during the period. Jupiter Asset Management Ltd. increased its stake in shares of Innovative Industrial Properties by 279.1% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after purchasing an additional 34,854 shares during the last quarter. Finally, Barclays PLC grew its holdings in Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.